Default Gas fee currency

As Crescent’s Ethos states, the network is committed to embodiment of “Providing a marketplace for multi-chain assets.” We made sure that users could seamlessly be onboarded onto our network from the beginning, even while knowing and expecting a potential abuse of the system. If we can properly handle the outcome in its entirety, it goes against our beliefs to rule out a service that can drastically improve user experience.

This was the foundation for the team’s decision to implement an initial genesis policy of 0 Gas fees. While the abuse of this policy was unfortunate, it was expected, and the responsive action by the team was planned from the design stage to be handled when the situation arose. We are glad that we were able to provide a way for users to easily become part of the beginning stage of Crescent. Immediate action was taken as all transactions on-chain were not functioning due to the abuse.

Less than two weeks into launch, Crescent has evolved into a living, fully functioning network with a large user base at a rapid rate. Naturally, some policy suited for genesis need to be recalibrated in consideration of the expansion. We appreciate the Cosmos and blockchain community’s warm welcome as a new DeFi solution, and now it is time to move on to the next stage in maturity.

The planned response was to implement gas fees in the form of bCRE and CRE, with bCRE displayed as the default gas fee currency to stop the abuse of 0 gas fees and allow user transactions to resume. Through internal research and community feedback the sustainable and secure form of gas fees are as follows:

CRE is now returned to be displayed again as the default gas fee shown on the front-end in Crescent Network as a result of the following reasonings:

  • Number of users holding only CRE outnumber those with only bCRE
  • Users engaging in liquidity farming receive rewards in CRE
  • Users that onboarded Crescent through airdrop only hold CRE

In order to implement CRE as the default gas fee currency, users should take the following steps:

  1. Delete Crescent-1 from Keplr
  2. Restart app.crescent.network to approve chain into Keplr
  3. Receive minimum gas fee(CRE) from Crescent Network Faucet for initial exchange of assets

As the network becomes even more prominent in the ecosystem and introduces additional utilities, both preemptive and responsive action will be taken by the team to ensure the safety and stability of the network. We will continue pursuing even more convenient solutions to allow smooth transition of assets into Crescent, and protect our users.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store